Nvidia just beat earnings again. Revenue hit $81.6 billion, up 85% year over year. And the stock went down about 3%.

That tells you exactly where expectations are in this market right now. A record quarter and an $80 billion buyback announcement weren't enough to move the needle! But something else in the print caught our eye: Nvidia hiked its quarterly dividend from a penny to 25 cents. A 2,400% bump. Growth stocks rarely throw off income, too… We love when they try!

Meanwhile, oil crashed below $100 a barrel after Trump said a deal with Iran is in the "final stages." SpaceX filed its IPO prospectus and disclosed it's sitting on $1.45 billion in bitcoin. And the US government just dropped $2 billion on quantum computing.

In today’s edition:

🎯 Are micro cap stocks gambling? (and 10 the alternative data says could explode)
📈 Nvidia's record quarter, the dividend surprise, and what it means for Leopold
⛽ Oil plunges on Trump's Iran comments (Iran threatens "crushing blows")
🚀 SpaceX filed to go public with $1.45 billion in BTC on the books
⚛️ Quantum stocks soar on a $2 billion government award
🛒 Walmart beat on revenue but spooked the Street with guidance
💬 Bezos defends billionaires, hypes AI on CNBC

We get into it further down, but first: an opportunity to invest in 1-minute homes during the housing crisis (below).

This is not financial advice. Always do your own research. Past performance doesn’t guarantee future results.

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There's a version of investing advice that says you should never touch a stock under $5. And for most people, most of the time, that's fine advice. Micro caps are volatile, thinly traded, and more likely to go to zero than to the moon.

But we think writing them off completely is a mistake.

Not because we think you should throw 20% of your portfolio into penny stocks. That's how you blow up an account. We're talking about 1% to 5%, max. Money you could light on fire and still sleep fine. That's the starting line for asymmetric bets.

The concept is simple: you're risking a small amount for the chance at an outsized return. You're not betting the house. You're buying a few shots in the chamber, except these shots come with quarterly earnings reports, SEC filings, and CEO interviews you can go watch yourself.

That's what separates micro cap investing. These are public companies. They report their financials just like Apple and Nvidia. You can pull up the balance sheet, look at revenue trends, check insider buying, and make your own call on whether the business has a shot.

The other piece most people miss: you should probably spread your investments around. For example, if you've set aside 3% of your portfolio for small cap bets, putting all of it on one ticker is closer to gambling than investing. Split it across 3, 5, or even 10 names. Some will go to zero. Some will go sideways. But if one or two hit, the math can be worth it.

We're not going to lie, this stuff isn't for everyone. If this level of volatility makes your stomach turn, we totally understand (and you can skip right to the market headlines below). This isn't financial advice, and you should always do your own research and invest based on your own risk tolerance.

But if you're the kind of investor who wants to take a controlled shot at something with real upside, our partners at AltIndex just put together a list of 10 Small Cap Stocks the Alternative Data Says Could Explode in 2026. These are names where the hiring data, social sentiment, and web traffic are all flashing green before the price has caught up. Worth a look.

US stocks jumped Wednesday as oil prices tanked on hopes for a breakthrough with Iran, though investors shrugged off Nvidia's after-hours earnings beat.

Nvidia posted another record quarter and hiked its dividend 2,400%. Revenue came in at $81.6 billion, up 85% from a year ago, beating the $78.86 billion estimate. Data Center revenue hit $75.2 billion, up 92% year over year. The quarterly dividend jumped from $0.01 to $0.25 per share, and the board approved an additional $80 billion in share buybacks. $0.25 is till a tiny yield on a stock this size, but it signals confidence in the cash machine.

Oil cratered nearly 5% after President Trump said the US is in the "final stages" of reaching a deal with Iran. Brent crude dropped to $106 per barrel while WTI fell below $100. The comments came after Trump canceled military strikes planned for Tuesday, saying Gulf state leaders assured him a deal was close. "We're going to give this one shot," Trump told reporters. "Ideally I'd like to see few people killed, as opposed to a lot."

SpaceX filed its IPO prospectus with the SEC late Wednesday, offering a rare peek into the company's financials ahead of its investor road show planned for June. The filing marks one of the most anticipated public debuts in years, with the company expected to command a massive valuation.

Quantum stocks soared after the US announced a $2 billion award to nine companies. The Commerce Department is funding quantum computing firms under the CHIPS and Science Act and taking equity stakes in the process. IBM is the biggest recipient at $1 billion. GlobalFoundries gets $375 million. D-Wave, Rigetti, and Infleqtion are getting $100 million each. IBM jumped about 7%, D-Wave soared 23%, and Rigetti gained 23% as well. Quantum computing has been one of those "too early until suddenly it's not" sectors. The government putting $2 billion behind it is worth paying attention to.

Jeff Bezos defended billionaires, hyped AI, and praised Trump in a wide-ranging CNBC interview. He backed eliminating income taxes for the bottom half of US earners, called AI job fears "dead wrong," and described Trump as "more mature and disciplined" than he was in his last term. He also pushed back on New York City Mayor Zohran Mamdani for targeting Ken Griffin at his home, saying Griffin "isn't a villain" and "hasn't hurt anybody." Regardless of where you stand on billionaire tax policy, Bezos making the media rounds right now is notable. Amazon has an AI buildout of its own to protect.

Elf Beauty warned the Iran war would shave up to $20 million from its results as the cosmetics company forecast a weak year ahead. The guidance underscores how the conflict's economic ripples are hitting even consumer discretionary names.

Earnings continue Thursday with Walmart, Ross Stores, Workday, and Zoom Communications all set to report results.

In partnership with AltIndex:

ON Holding isn't a hype stock. It's a Swiss performance running brand that's been building one of the best growth stories in retail.

Its AltIndex AI Score sits at 75, and the fundamentals are moving fast.

Q1 2026 revenue hit CHF 831.9 million, up 26.4% on a constant currency basis, with double-digit growth across every region. Net income rose 82.2%. And EPS came in at $0.47, beating the Zacks Consensus Estimate of $0.35 by 34%.

What the alternative data is flagging: hiring velocity is up 47.0% year over year, which AltIndex tracks as a forward signal for growth. And all three co-founders (Allemann, Bernhard, and Coppetti) bought shares on May 15, just days after earnings. When the people who built the company see the numbers and immediately buy with their own money, that's worth paying attention to.

The stock is trading around $37.90 at the time of writing with a market cap of about $12.5 billion and a forward P/E ratio of 20.55. Analysts have a given the stock a 95% buy rating.

Another thing to watch: Jim Cramer recently flagged "very quick management turnover" at the company without much explanation from the team. Something to keep an eye on.

If you're looking for a growth name in the consumer space that the alternative data is backing up, ONON is worth a deeper look.

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Cheers,
Brandon & Blake of Invested Inc